|October 01, 1999|
CAREY INTERNATIONAL REPORTS
|Carey International has reported record results for the third quarter ended August 31, 1999.|
Third quarter net income increased 24% to $2.7 million, or $0.27 per diluted share, from net income of $2.2 million, or $0.22 per diluted share in the 1998 third quarter. Third quarter operating income increased 54% to $4.9 million from $3.2 million in 1998 as the Company continued its strategy of effectively leveraging infrastructure costs.
Revenues for the 1999 third quarter increased 61% to $48.8 million from $30.3 million in the prior-year period. The Company's strong top-line performance in the third quarter was attributable to internal growth of 15% and the effect on the quarter of acquired operations
For the nine months ended August 3 l, 1999, net income increased 44% to $7.2 million, or $0.72 per diluted share, compared to $5.0 million, or $0.56 per diluted share in 1998. Operating income increased to $12.8 million in 1999 from $8.0 million in 1998. Revenues for the nine-month period rose 54% to $130.4 million from $84.8 million.
Vincent A. Wolfington, Chairman and CEO of Carey International, said, "We continued to increase shareholder value by fueling strong internal growth through our sales and marketing programs and by leveraging our infrastructure. As we more fully integrate acquired operations and continue to execute our marketing and operating strategies, the Company will further strengthen its position in the global transportation marketplace."